IPO early investors screwed everyone else, again that jumped on another WAAAAAAAAAAAAAY over valued net thingie. LOL When will they learn???
Well, that didn’t take long.
Shares of Snap Inc. plunged 12% on their third day of trading and closed below their first print from last week’s debut.
The stock, which ended Monday at $23.77, had opened at $24 last Thursday after pricing at $17 late Wednesday.
That’s a big setback for the largest initial public offering by a technology company since 2014 and buyers who got into the stock during the frenetic trading late last week.
What the heck happened? As MoneyBeat reported last week, there are plenty of skeptical analysts out there and the stock was expected to be a target for short-sellers.
On Monday, Laura Martin, an analyst at brokerage Needham & Co., slapped an “underperform” rating on the stock, calling for it to fall to between $19-$23 a share. Ms. Martin noted, as others have, that the company’s Snapchat disappearing-message app is vulnerable to imitators and could have a hard time growing its user base beyond selfie-crazed youths. Ms. Martin said the company has “no clear path to profitability” before 2020.
Source: WSJ
http://hydrocarbonreports.com/archives/535429
OUCH. saw this before haaaaaaaaaaa
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